Capital gains do not play a part in the analysis; all withdrawals are recognized as taxable income to you. If you hold funds in non-retirement accounts then the capital gains rules may apply.
Adam C. Harding, CFP
Disclosure: For informational purposes only. Not to be considered investment, tax, or legal advice. My responses on Nerdwallet are for educational purposes only and action should not be taken until a thorough analysis has been done by me or your financial advisor. Investing involves risk of loss and diversification does not ensure protection against risk of loss.